In addition, total income for the NatWest private banking arm in H1 2023 was £567m, up from £461m a year previously.

The arm also delivered a strong return on equity of 24.7%.

In addition, NatWest completed its deal for a majority in Cushan on 1 June 2023 which resulted in a £1.9bn increase to AuMAs.

However, net new money for the half was £1bn, a fall from £1.4bn the year before. In terms of quarter to quarter, there was also a drop, from £600m in Q1 2023 to £400m in Q2 2023.

For NatWest Group as a whole in H1 2023, it witnessed attributable profit of £2,299m and a return on tangible equity of 18.2%.

In addition, total income, excluding notable items, increased by £1,485m, or 25.2%, compared with H1 2022. This was attributed to the impact of lending growth and yield curve movements.

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NatWest in H1 2023 burdened by scandal

On 25 July 2023, CEO Alison Rose stepped down following the Nigel Farage account scandal.

Howard Davies, chairman of the NWG Board stated: “The Board and Alison Rose have agreed, by mutual consent, that she will step down as CEO of the NatWest Group. It is a sad moment. She has dedicated all her working life so far to NatWest and will leave many colleagues who respect and admire her.”

This was soon followed by the resignation of chief executive Peter Flavel as well.

Paul Thwaite was appointed as chief executive officer and a director of NatWest group for an initial 12 months, subject to regulatory approval.

Chief financial officer, Katie Murray, said: “NatWest Group’s strong performance for the first half of the year is underpinned by our robust balance sheet, with a high-quality deposit base, high levels of liquidity and a well-diversified loan book. As a result, we are able to continue lending to our customers and delivering sustainable returns and distributions to our shareholders, even in the current uncertain economic environment.

“Although arrears remain low, we know that people, families and businesses are anxious about their finances and many are really struggling. We are being proactive in our support for those who are hardest hit, helping to build the financial resilience of the customers and communities we serve.”